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HomeMy WebLinkAboutR94-122 first partial release for Eby Creek Mesa Phase I6 f w Commissioner moved adoption of the following Rmsolu iot n: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- /,* FIRST PARTIAL RELEASE of COLLATERAL Eby Creek Mesa Subdivision Phase I WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County Commissioners of the County of Eagle, State of Colorado ( "Board ") \ entered into a Subdivision Improvements Agreement dated July 6, 1993 ( "Agreement ") with Eby Creek Mesa Limited Partnership, a Colorado Limited Partnership, whose general partner is Eagle River Land Company, Inc., a Colorado corporation ( "Subdivider "), as a condition of final plat approval for Eby Creek Mesa Subdivision Phase I; and WHEREAS, the total amount of collateral currently held by the Board for the public improvements associated with Eby Creek Mesa is $1,023,752.00; and WHEREAS, at the time the Agreement was signed it was acknowledged between the County and Subdivider that the work required for Eby Creek Mesa Subdivision Phase I was to be completed in two phases, work to be completed in 1993 and work to be completed in 1994; see the attached Exhibit "A "; and WHEREAS, at the time the Agreement was signed the Subdivider provided collateral in the form of 38 Subdivision Lots for which the County has title, a performance bond to be executed at a future date and copies of all fully executed contracts together with evidence of full payment of the required contract amounts; and WHEREAS, such provisions for alternative collateral methods and completion of public improvements for Phase I were granted by the Board to allow the Subdivision to re- establish itself; and WHEREAS, by Addendum "A" dated August 23, 1993, Subdivider provided collateral in the form of Irrevocable Letter of Credit No. 8069050 in the amount of $620,438.00 to guarantee the faithful completion of all public improvements to be associated with the Subdivision, in lieu of the performance bond; said Letter of Credit was for the work to be completed in 1993; Subdivider is to extend said Letter of Credit for the work to be performed in 1994; and 545961 B -649 P -921 09/14/94 04:31P PG 1 OF 8 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 WHEREAS, the Subdivider has extension of current collateral be performed in 1994; and not provided new collateral or an for the public improvement work to WHEREAS, pursuant to Paragraph 2.5 of the Agreement, the Subdivider may apply to the County for the release of the portion of the collateral; and WHEREAS, Subdivider has represented to the Board, and members of the County staff have corroborated the Subdivider's representations, that improvements required under the Agreement have been partially completed in a satisfactory manner (Exhibit B) and therefore Subdivider has applied for a partial release of collateral; and WHEREAS, the Subdivider has requested a reduction in the amount of $528,760.40, from the total collateral amount of $1,023,752.00; and WHEREAS, based on the finding of the Department of Engineering, THE BOARD FINDS that the Subdivider's obligations under the Agreement have been partially satisfied, and a reduction in the collateral held by the Board is warranted if the Subdivider provides the Letter of Credit provided for in Addendum "A" to the Agreement; and THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby authorizes on the delivery to the County a Letter of Credit in the amount of $494,991.60, in a form j acceptable to the County Attorney, the partial release of collateral in the amount of $528,760.40 thereby reducing the collateral to $494,991.60. THAT, this partial release of collateral in no way signifies the commencement of any warranty period; the warranty period shall begin on the date all work is complete and accepted by the County, pursuant to Paragraph 2.6 of the Agreement. THAT, the partial release of collateral granted hereby shall not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of his outstanding obligations under the Agreement. 545961 B -649 P -921 09/14/94 04:31P PG 2 OF 8 A d0 E Jd dTE:PO 66 /Vl /60 -£- 196 -d 6V9 -9 T969bg 86Z -Z8 Fga•TLTg.Tud •opeaoToO ;o a4egS 'aTbag Jo A4=03 a q4 Jo SaauoTSSTMOO AqunoO 90 paeog aqq go a4OA Q— 4,�! 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